Stock Market Further Sheds 0.59% as Senate Shifts 2019 Budget Passage

By Dipo Olowookere

Transactions on the floor of the Nigerian Stock Exchange (NSE) further declined on Wednesday as investors continue to take profit.

The market continued its downward trend in the absence of any positive news to trigger a buying pressure at the nation’s bourse.

At the close of business yesterday, the stock market lost 0.59 percent, leaving the year-to-date loss at 4.87 percent.

During trading on Wednesday, the All-Share Index lost 177.69 points to finish at 29,898.31 points, while the market capitalisation decreased by N67 billion to settle at N11.236 trillion.

Despite the loss, the market breadth was positive, with 26 price gainers in contrast of 14 price losers at the close of transactions.

On the losers’ chart, Nestle Nigeria dominated with a loss of N30 from its share value. The company’s stock settled at N1550 per unit yesterday.

Following were Seplat, which lost N25 to end at N545 per share, and Mobil Oil Nigeria, which fell by N4.90k to end at N175 per share.

Conoil depreciated by N2.20k to settle at N20.80k per share, while International Breweries declined by N2 to close at N21 per share.

At the other side, Dangote Flour topped the price gainers’ table after adding N1.15k to its share price to close at N12.90k per unit.

Zenith Bank and Dangote Sugar gained 45 kobo each to close at N21.35k per share and N14.70k per share respectively.

Fidson improved by 40 kobo to settle at N4.55k per share, while BOC Gas appreciated by 37 kobo to finish at N4.16k per share.

At the market yesterday, the volume and value of shares transacted by investors went down by 3.56% and 27.83 percent respectively.

A total of 304.9 million equities worth N2.6 billion were traded on Wednesday compared with the 316.1 million shares valued at N3.7 billion transacted on Tuesday.

It was observed that transactions in the shares of Japaul Oil topped the activity chart with 93.3 million shares valued at N20.82 million.

Access Bank followed with a turnover of 27.5 million shares worth N190.7 million, while UBA exchanged 25.9 million equities worth N180.9 million.

Zenith Bank traded 25.8 million shares worth N543.6 million, while UACN transacted 16.6 million shares valued at N116.1 million.

Meanwhile, the Senate on Wednesday delayed the passage of the 2019 appropriation bill for another one week.

At the plenary yesterday, the upper chamber of the National Assembly postponed the passage of the budget to next Tuesday.